Citi Settlement

Greetings "NY1004",

Some folks in here will tell you never, ever pay without the settlement letter in your hand first. And I understand that you have possesion of it? And is it from the origianl creditor and not a debt collection agency?

Others will tell you that a confirmation number in hand is ok.

For what it's worth; all of mine were settled with the original credit card company.
No problems with them as they all sent a letter confirming the details.

Now if it's with a debt collector...treat them like a rattlesnake/toxic waste....as I understand.

And btw, please register/sign up and let us know how things turned out!

Respectfully yours,
King "Kash" Jabba Labba

Thanks a lot for your replies.
I am still dealing with original creditors which is Citi so I believe I will send them cashier's check. here's more detail which I already posted here few month back.

Citi 1: 24000: about to settle at 20%
Citi 2: 24000: got offere at 40% last month and waitting for better deal
Chase: have three account total of 16000 and they offered me at 5700 that I denied.
Discover: 16000, originally 12000 but this one adding lots of charges fast 4 months, and got offer at 60% yesterday.
Capital One: no calls but email communication. I may won't do anything until this one is charged off. Maybe better to deal with collection agencies???

I will keep post update here and thanks for your kind advices!!!

NY1004 ,

Did you bring up debt settlement or did you wait for the C/C companies to bring it up. Also at what point did you bring it up.

You just ask. No need to wait for them to bring it up.

It was a little funny that I got 20% offere letter from them while I was asking 30% over the phone for few months. That's why I called them up right away to accept the offer and closed it. The letter had contact number and expiring offer date. My account was over 130 days.

I also settled my 3 chase account at 30% last week. I think I could go lower but I really want to get out this long trip as soon as possible.

I still have to go one more Citi, and two tough ones, capital and discover.
Discover seems pretty O.K. to negotiate so far but I have no clue how to deal with Capital one. Captial One keep saying 90% fast two months.

Cheers all!

At 90 days my account is now turned over to Attorney . Dam you citi bank.

Hi Ben,

Were you talking to them regularly? Did you know the date they planned to charge it off, how much was it for?

I am coming up on 80 days with cit myself...18k and another citi is about 60 days also 18k. they offered me 40% at 39 days and I countered at 20%, they denied and now are at 60%. Go figure but I was thinking the offer would get better as days went on, now I am worrying I was wrong.

Keep us posted.

Thanks, Kaylee